Dow Jones futures tumbled Wednesday morning, along with S&P 500 futures and Nasdaq futures, with Palantir Technologies (PLTR) jumping on a big Army contract. The major indexes rebounded Tuesday after Monday’s sell-off. But this stock market rally attempt is not a confirmed uptrend yet.
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Google stock, Microsoft (MSFT), Datadog (DDOG), ServiceNow (NOW), Digital Turbine (APPS), Capital One (COF), Dexcom (DXCM), Revolve (RVLV) and UHaul parent Amerco (UHAL) are among stocks worth watching. Generally they are holding above or reclaiming their 50-day lines. However, APPS stock is bouncing from its 200-day line while Google parent Alphabet (GOOGL) and Microsoft stock are trying to get back to their 50-day lines. But all have relative strength lines at or near highs.
Google stock, Microsoft and ServiceNow Are on IBD Leaderboard while DDOG stock is on the Leaderboard watchlist. Google, Microsoft and NOW stock also are on IBD Long-Term Leaders. DXCM stock and Datadog are on the IBD 50. UHAL stock is Tuesday’s IBD Stock Of The Day.
The video embedded in this article discusses Tuesday’s market action and analyzes Datadog stock, Microsoft and DXCM stock.
Palantir Army Contract
Meanwhile, Palantir announced it won an $823 million contract with the U.S. Army.
“Palantir will deploy the Palantir Gotham Platform to support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications,” the company said in a news release.
PLTR stock jumped 10% in extended trade. That would push Palantir above its 50-day and 200-day moving averages. PLTR stock edged up 0.2% to 23.21 on Tuesday.
Dow Jones Futures Today
Dow Jones futures fell 1% vs. fair value. S&P 500 futures lost 1.2% and Nasdaq 100 futures sold off 1.4%.
Crude oil futures edged lower, but are right at multiyear highs. Energy prices in much of the world are skyrocketing, with shortages from the U.K. to China to India. The 10-year Treasury yield edged up to 1.54%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally Attempt
The stock market had solid gains, though the major indexes finished somewhat off highs while volume was on the light side.
Meanwhile, the Dow Jones Industrial Average rose 0.9% in Tuesday’s stock market trading. The S&P 500 index climbed just over 1%. The Nasdaq composite advanced 1.25%. And the small-cap Russell 2000 edged up 0.35%, just above its 200-day line and below its 50-day.
Crude oil prices continued to rise. The 10-year Treasury yield climbed five basis points to 1.53%.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) gained 1.5%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 1.2%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 1.7%, with MSFT…
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